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TMI BlogTea development account, coffee development account and rubber development accountX X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee with that Bank in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) approved in this behalf by the Tea Board 6 [ or the Coffee Board or the Rubber Board ] ; or ( b ) 7 [ deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government ,] the assessee shall, subject to the provisions of this section, ] be allowed a deduction (such deduction be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and verified by such accountant : Provided that in a case where the assessee is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the accounts of such business audited under such law and furnishes the report of the audit as required under such other law and a further report in the form prescribed under this sub-section. (3) Any amount standing to the credit of the assessee in 11 [ the special account or the 12 [ *** ] Deposit Account shall not be allowed to be withdrawn except for the purposes specified in the scheme or, as the case may be, in the deposit scheme] or in the circumstances specified below :- ( a ) cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount 14 [ or in the 15 [ *** ] Deposit Account], is withdrawn during any previous year by the assessee in the circumstance specified in clause ( a ) or clause ( d ) of sub-section (3), the whole of such amount shall be deemed to be the profits and gains of business or profession of that previous year and shall accordingly be chargeable to income-tax as the income of that previous year, as if the business had not closed or, as the case may be, the firm had not been dissolved. (6) Where any amount standing to the credit of the assessee in the special account 16 [ or in the 17 [ *** ] Deposit Account] is utilised by the assessee for the purposes of any expenditure in connection with such business in accordance with the scheme 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be the profits and gains of business or profession of the previous year in which the asset is sold or otherwise transferred and shall accordingly be chargeable to income-tax as the income of that previous year : Provided that nothing in this sub-section shall apply- ( i ) where the asset is sold or otherwise transferred by the assessee to Government, a local authority, a corporation established by or under a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) ; or ( ii ) where the sale or transfer of the asset is made in connection with the succession of a firm by a company in the business or profession carried on by the firm as a result of which the firm s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1953 (29 of 1953). ] -------------------------------- Notes :- 1. Substituted by the Finance Act, 1990, w.e.f. 1-4-1991. Prior to substitution, section 33AB was inserted by the Finance Act, 1985, w.e.f. 1-4-1986 and later amended by the Finance Act, 1987, w.e.f. 1-4-1988. 2. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 3. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 4. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004. 5. Substituted for words beginning with whichever is earlier, deposited with the National Bank and ending with the assessee shall, subject to the provisions of this section, by the Finance Act, 1994, w.e.f. 1-4-1995. 6. Inserted by the Finance Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ature of a guest-house ; (b) any office appliances (not being computers) ; (c) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profits and gains of business or profession of any one previous year ; (d) any new machinery or plant to be installed in an industrial undertaking for the purposes of business of construction, manufacture or production of any article or thing specified in the list in the Eleventh Schedule.' 14. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995. 15. Word Tea omitted by the Finance Act, 2003, w.e.f. 1-4-2004. 16. Inserted by the Finance Act, 1994, w.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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